Mastercard and Visa would be rethinking support for Libra cryptocurrency

When the Facebook revealed the cryptocurrencyLb, several big names were announced as partners in the initiative. Among them are two giants in the financial sector: MasterCard and Visa. But this partnership may not go very far: both companies would be considering jumping out of the project.

Libra Association

The information comes from Wall Street Journal, who claims to have heard sources close to the two companies. According to the vehicle, Mastercard and Visa would be rethinking their participation in the project due to the resistance that Libra has been facing, especially in the regulatory sphere.

One example comes from France, which recently defended a ban on cryptocurrency across the European Union – Facebook’s plan is to launch Libra globally by June 2020.

The original plan also provides that, as members of the Libra Association, Mastercard and Visa contribute to the development of the cryptocurrency payment system. As this is an issue that the two companies have mastered, the decision to abandon the project could result in a significant delay in the launch of the digital currency.

In fact, the delay is a possibility that has been gaining momentum. Although Facebook does not confirm, there is talk behind the scenes that the company would be considering postponing the launch of Libra because of regulatory issues raised in various parts of the world.

Visa and Mastercard were sought, but did not comment on the matter, which is not surprising: the two companies have avoided commenting on Libra.

Libra Association members

David Marcus, a Facebook executive who is one of the creators of Libra, used Twitter to comment on the report Wall Street Journal. In one of the messages, he says (in free translation):

“A change of this magnitude is difficult and requires courage – it will be a long journey. For Libra to be successful, it requires commitment from members and, although I am not aware of specific organizations that do not want to move forward [no projeto], commitment to the mission is more important than anything else ”.

Marcus also pointed out that the first official Libra supporters will be confirmed soon – members of the Libra Association are due to meet on the 14th in Geneva to review the entity’s statute and create a board of directors.

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